St. Joe Posts $36.9M Third-Quarter Net Income
JOE sits 40% above its 52-week low of $48.815.
Summary
St. Joe reported third-quarter net income of $36.9 million on revenue of $156.2 million, which fell 3%, while operating income rose 16% to $61.5 million. That lands below the $40.5 million it earned in Q2, when net income rose 37% on revenue of $158.8 million — the company's best second quarter in 30 years. In the quarter it repurchased $27.2 million of stock and repaid $8.8 million of debt. The company also raised its quarterly dividend by 13% to $0.18 per share. The company has been buying back stock aggressively, expanding its repurchase authorization to $200 million in May and disclosing a $25.4 million buyback that same month, which supports per-share results.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — St. Joe's Q3 revenue fell 3% to $156.2M and operating income rose 16% to $61.5M; it repurchased $27.2M of stock and repaid $8.8M of debt in the quarter.
At the time of this announcement, JOE was trading at $68.13 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.9B. The 52-week trading range was $48.82 to $73.54. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.